Lok'nStore posts 'solid' first half

Josh White Sharecast | 13 Feb, 2017 12:37 | | |

Lok
  • 387.50
  • 0.00%0.00
  • Max: 387.50
  • Min: 387.50
  • Volume: 5,005
  • MM 200 : n/a
17:17 21/07/17
  • 969.70
  • 0.22%2.11
  • Max: 972.57
  • Min: 967.34
  • Volume: 0
  • MM 200 : n/a
17:18 21/07/17
  • 2,779.23
  • -0.42%-11.61
  • Max: 2,799.75
  • Min: 2,767.73
  • Volume: 0
  • MM 200 : n/a
17:30 21/07/17

Self-storage company Lok'nStore provided an update on its trading in the first half of the financial year to 31 January on Monday.

The AIM-traded firm said, building on the positive momentum of FY2016, trading in the first half of FY2017 remained solid.

In its core self-storage business the first half revenue was up 3.9% year-on-year, and at 31 January 2017, self-storage unit occupancy was up 4.6% and price per let square foot was unchanged compared to the same date 12 months prior.

In the serviced document storage business, revenue grew by 8.8% against the same period last year, while the number of boxes stored increased by 8% and the number of tapes increased by 27% over the twelve months to the end of January.

In November, in response to demand for the company's shares and to improve liquidity the company sold 1,975,000 shares from treasury, raising £7.9m to further strengthen the balance sheet.

In January, Lok’nStore signed a two year extension to its existing £40m bank facility.

The facility, which was due to expire in January 2021, would now run for the next six years until January 2023 providing funding for more landmark site acquisitions and working capital.

Lok’nStore said it was continuing its new store opening programme and had commenced development on all four of the new sites acquired in the last financial year.

It said interim results will be announced on 24 April.

“We have built on the solid turnover and profits growth of last year in the first half of our financial year 2017 with a 3.9 % growth in revenue in our core self-storage business,” said CEO Andrew Jacobs.

“We are now on site in all four of our pipeline stores in Broadstairs, Gillingham, Hemel Hempstead and Wellingborough.

“All four should be open by the end of our 2017 financial year and will provide added impetus to sales and earnings growth.”

Jacobs said the recently-announced two year extension on the company’s existing banking facility with its “extremely competitive” terms and flexible structure further highlighted the financial strength of Lok'nStore.

“With our modest gearing, valuable property assets and strong and growing cash flow the Group will continue to execute its current successful growth strategy.”

More news

19:19 US close: Stocks edge lower ahead of Fed, White House in focus

Stocks drifted slightly lower ahead of the next US central bank policy meeting, weighed down by a poor outlook from industrial conglomerate General Electric and further negative news-flow swirling around the White House.

21 Jul Commodities: Increasing supply of oil weighs heavy on the market

An over supply of crude from Nigeria and Libya of approximately 1m barrels per day weighed heavily on the oil market on Friday with September contracts for both WTI crude and Brent crude down 2.28% and 2.29% respectively.

21 Jul Magnolia Petroleum announces divestment of North Dakota and Oklahoma wells

Magnolia Petroleum, an Oklahoma based oil and gas investment company, has divested and agreed farmouts over several wells in North Dakota and Oklahoma for a total of $411,000.

21 Jul Europe close: DAX dives on euro peaks and colluding carmakers

European stocks ended the week firmly in the red as the euro continued to march higher, with the strength in the single currency weighing on exporters and car makers were hit by reports of collusion in the industry, combining to send the Dax to new three-month lows.

21 Jul FX round-up: Lack of data release makes way for indecisive Cable moves

On Friday sterling managed to recover most of its losses against the US dollar from prior session posting a morning high of 1.3020, only managing to touch psychological resistance of 1.3000 briefly.

21 Jul London close: FTSE profit taking kicks shares into red

UK stocks were lacklustre on Friday as oil and stocks plunged but investors mulled yet more waxing and waning of Brexit negotiations, proving that uncertainty is the only certainty surrounding the issue.

21 Jul FTSE 100 movers: Paddy Power leads Friday retreat

London's FTSE 100 was in the red on Friday, along with stock benchmarks in Europe and the US.

21 Jul General Electric tumbles further as profits slide

US industrial giant General Electric reported net profits of $1.34bn for the second quarter of 2017, 53% less than its earnings for the same quarter in 2016.

21 Jul US open: Wall Street slips amid weak tech earnings, downbeat GE

Wall Street was slightly lower in early trading following disappointing updates from Microsoft and Ebay, alongside weak guidance from industrial conglomerate GE.

21 Jul Catalyst Media softens blow from failed Greyhound track bids

Retail betting service supplier Sports Information Services (SIS), in which Catalyst Media Group holds a 20.5% stake, has secured rights and media agreements for its greyhound and horseracing content.